The Ultimate Workforce Analysis Checklist

Shefali Vasave | February 14, 2022 | 47 views

HR Analytics and Workforce Analytics: What’s the Difference?

HR analytics is a subset of HR management and encompasses workforce analysis. It is carried out by the HR team to get insights that help improve the HR process. HR analytics looks at things like vacancies, cost per hire, compliance concerns, and many other things that affect businesses.

On the other hand, workforce analytics and planning are subsets of HR analytics. It is the process of analyzing data that directly impacts the work experience, like workflows and processes, technology used, and performance. Workforce analysis is based on employee data analysis and can be used for strategic workforce planning, talent management, and staffing decisions. Its main goal is to align the HR process with the overall business objectives.

A case in point is Lowe’s, a premier retail home improvement chain that used workforce analysis to drive up customer satisfaction. The organization conducted a detailed analysis that revealed a link between employee engagement and customer experience. When employee engagement with customers was higher, customers at Lowe’s reported a better store experience and a 4% increase in spending. There are many such workforce analytics examples that prove the business value of using workforce planning.


How Workforce Planning Analytics Impacts HR Processes

Data analytics is in high demand due to its proven ability to produce actionable insights and shape robust policies. Workforce planning analytics is like data analytics as that it can deliver critical insights into the workforce. It can help uncover patterns across the employee lifecycle and assist HR in developing initiatives and policies that enhance HR processes. Here are the three core areas that the workforce analysis process can influence:


Hiring

Workforce analysis has the power to transform the hiring process. The data and metrics mapped by HR teams can be used to inform decisions about the sourcing, hiring, and management of talent. Some of the use cases include:
  • Screens and shortlists resume automatically
  • Conduct social media background checks
  • Shortlist candidates based on applicant information
  • Identify star talent based on talent and skills of existing top performers
  • Eliminate gender-biased recruitment practices by training better algorithms

Retention

Employee retention is an integral aspect of HR. With workforce planning analytics, the HR team can develop and view insights on how hiring, training, and work experience affect employees’ decisions to stay at a company. Use cases include:
  • Reporting and fixing compensation packages for over-performers
  • Identifying at-risk or barely engaged employees
  • Mapping productivity and performance

Employee Management

The workforce analysis process is especially vital in managing performance and organizational skillset mapping. Some of the use cases you can look forward to are:

Workforce Analytics and Planning Checklist

The use of workforce planning and analytics is growing across industries. It is the practice of gathering and analyzing data about employees to make decision-making more effective. And every data analysis project needs the right start and the right software to be successful. Before your HR team rolls out a workforce analysis process, the following checklist will help them address some critical concerns about the objectives, approach, and future of the workforce analysis results. Here are some checklist items to tick off:


Business Goals and Objectives

Defining the business outcome, goals, and objectives of the project will provide your team with clarity at every stage of the data analysis. It will also help you summarize the problems faced by the workforce and whether the project will be able to address them. Ask questions like:
  • What business goals are we looking to address with workforce data?
  • What is the desired outcome of our workforce analysis process?


Workforce Project Statement

Draft a workforce project statement using existing research, internal studies, and insights from subject matter experts. This will help you develop a testable hypothesis before your team begins interpreting the data they collect.

Stakeholders

  • List out the stakeholders of the project to ensure ownership and accountability are established within the team
  • Project stakeholders must know who is assigned to what action items, with individual assignments contributing to the overall project outcome

Workforce Challenges


Workforce Planning Analytics Action Items

  • Build a communication plan
  • Identify accountability
  • Conduct a workforce gap analysis using the existing data
  • Determine workforce planning analytics KPIs and targets


Measuring Workforce Analysis Findings

  • Develop dashboards, reports, and visual expression of findings
  • Provide project stakeholders clarity through graphic representation of key data points

“People are learning how to do work disparately and with far less oversight. They are learning via remote, virtual formats. They are using analytics and following automated seamless internal processes. The need to constantly upskill and relearn has led to a huge disruption in the workforce ecosystem.”

- Ravi Kikan, Director – Marketing, Online Sales & Growth at ZingHR


Workforce Analytics and Planning Tools

Workforce planning and analytics have evolved immensely with the use of new technologies and modern innovations. From cloud computing to machine learning, employee data analysis has become more accurate and easier than ever. Here are some of the most prominent workforce analysis tools today:


Strategic Planning Map

A strategic workforce planning map aligns HR with the overall business strategy through a top-down approach. It is a software that uses factors such as market trends, patterns, and competition to display graphical insights that can then be used in HR areas like performance management, rewards and recognition, and even hiring.


9-box Grid

The 9-box grid is a succession planning tool that uses visuals to discuss and review an employee’s performance. It is basically a performance management tool that helps HR teams communicate an individual’s potential and work status to their manager.


HR Dashboard

The HR dashboard is an HR professional’s best friend. It provides a consolidated overview of key data points sourced from various core areas like hiring, payroll, performance, attrition, and much more.
There are several HR dashboarding tools available, including BambooHR, Gusto, WebHR, and Dayforce.

Conclusion: Why Investing in your Workforce Matters More than Ever?

Today's workplace is changing fast. As the economy needs smarter, more skilled employees than ever before, there is a greater need for investment in one of the most critical assets: the workforce.

Investing in your workforce can be a significant investment for any organization. However, it pays off in the long run. Efficient workforce planning and analytics can help you transform your HR process for the better. After all, it helps you be more productive by lowering costs and eventually boosting revenue. It also helps with reducing turnover rates and aligns your workforce with the larger goals and visions of your organization.

Frequently Asked Questions


What are the challenges of workforce planning?

There are many challenges to workforce planning. For one, it is difficult to predict the future of the workforce. The main challenge lies in forecasting and analyzing workforce data in a way that provides an accurate picture.


What are the benefits of workforce planning analytics?

There are many benefits of workforce planning analytics, including:
  • Helping a company better understand their employees and what they want from their jobs
  • Providing insights on when to hire new employees
  • Identifying which skillsets, the organization needs to train for the future
  • Providing a plan to manage employees and giving them growth opportunities.


How does workforce planning help with business growth?

Workforce analysis is important for companies to plan and make sure that they have a well-equipped workforce. It also helps them look for new opportunities where they can grow their business.

Spotlight

Jobtrack Management Services, Mumbai, India

Jobtrack Management Services was founded in 1993 with a highly focused vision of acting as an extended recruiting arm of the clients we serve.

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Article | February 3, 2022

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Article | October 18, 2021

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Article | May 12, 2022

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WeWork | July 25, 2022

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Equifax to Acquire LawLogix

LAWLOGIX | July 22, 2022

Equifax® (NYSE: EFX) announced today that it has signed a definitive agreement to acquire LawLogix, a leading provider of cloud-based I-9 software and immigration case management software, from Hyland. This acquisition will enable Equifax's largest and fastest-growing business, Workforce Solutions, to support employers and law firms with an even more comprehensive set of services as they manage amidst today's complex and rapidly changing employment and regulatory landscape. "Reinvesting our strong cash flow in accretive and strategic bolt-on M&A is central to our EFX2023 growth strategy. This is our eleventh acquisition in the past 18 months and aligns with expanding Equifax capabilities for strong future growth, LawLogix will grow the industry-leading suite of employer services within our largest and fastest-growing business: Workforce Solutions. And with the Equifax Cloud™, we have the infrastructure in place for rapid integration - helping us to accelerate innovation and provide our customers with access to more capabilities, services and insights than ever before Equifax helps employers streamline vital processes for onboarding and managing the talent they need to help grow their businesses, The addition of LawLogix further demonstrates our commitment to providing customers with easy-to-use solutions that are grounded in deep industry expertise. We are a New Equifax that is expanding well beyond a traditional credit bureau - and we are just getting started." -Mark W. Begor, CEO of Equifax. LawLogix offers two cloud-based software as a service (SaaS) solutions: Guardian and Edge. Guardian helps employers with their Form I-9 and E-Verify requirements while providing a user-friendly I-9 workflow that supports organizations with a distributed workforce. Edge provides immigration law firms, non-profit organizations, and employers with comprehensive immigration case management software, including a customizable, easy-to-use client web portal. These solutions are supported by award-winning customer support representatives. Based in Phoenix, LawLogix digitizes and streamlines labor-intensive I-9 and immigration processes while helping thousands of organizations, including several of the largest businesses and most recognized immigration law firms in the United States, comply with complicated regulatory frameworks. Its leaders and employees will join the Equifax Workforce Solutions business once the transaction has closed. No other parts of the Hyland business are included in the transaction. "Employers and law firms recognize that the stakes are high when it comes to I-9 and immigration case management, That is why so many rely upon our solutions, which were developed by immigration law experts and are backed by decades of industry experience. We are energized by the opportunities before us, as we leverage Equifax technology and analytics to help benefit our clients and grow the business." -John Fay, President, LawLogix. ABOUT EQUIFAX INC- At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com. ABOUT LAWLOGIX- LawLogix assists millions of people every year through its innovative Electronic I-9 Compliance, E-Verify and immigration case management software. Founded in 2000, LawLogix is a trusted SaaS provider for many prestigious immigration law firms, organizations and corporations, including members of the Fortune 500. For more information about LawLogix and its suite of products, visit LawLogix.com. ABOUT HYLAND- Hyland is a leading content services provider that enables thousands of organizations to deliver better experiences to the people they serve.

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Wagepoint acquires KinHR to build ultimate workplace "happiness" solution for small businesses and their teams

Wagepoint | August 10, 2022

Canadian fintech company Wagepoint is doubling-down on its mission to bring happiness to small businesses and their teams with a new acquisition. KinHR – soon to become People by Wagepoint – has joined Wagepoint's family of products, which will create a single solution that takes payroll, time and attendance and (now) human resources tasks off small business owners' hands so that they can get back to doing literally anything else. KinHR is known as a simple, friendly and reliable people management software among its 4,500 global users. This makes it the perfect puzzle piece to complete Wagepoint's stack of small business products, offering everything CEOs and founders need to take care of their people right from the moment they're hired. People by Wagepoint will offer features like an employee directory, time-off management, new hire onboarding, document storage and eSignatures, in addition to ongoing employee performance management tools like employee objectives and reviews. The product will help make workplace operations easier, and maybe even a little "sweeter", for both employers and their teams. "Payroll and HR go together like summer and popsicles – minus the sticky fingers!, When done right – that is, with a focus on keeping it simple and truly caring about the human experience – both payroll and HR can contribute to a happy workplace, just like ice cream! We're excited to welcome People by Wagepoint to our family of products. Now, we can help our customers create a delightful experience for their employees, right from the moment of hire and at every touchpoint that follows." - Shrad Rao, CEO of Wagepoint Delighting customers will remain a key pillar as the company moves forward with the rebrand and builds a team around People by Wagepoint. Both Wagepoint and KinHR have a Capterra rating of 4.6 out of 5 by their users – notably, for friendly customer support – and the new product will continue building on that trust, says Melissa Benzo, former Director at KinHR and current Director of People by Wagepoint. KinHR has always been about creating a simple approach to HR software so that small businesses can focus more on their employees and their business, rather than the management of 'stuff' that comes with HR. Wagepoint is just the company to continue that effort and expand on that idea by keeping all things light, friendly, and simple, I always tell KinHR customers 'we're here to help,' and I feel that echoed throughout the entirety of Wagepoint,says Benzo. People by Wagepoint is the second small business software to be acquired by Wagepoint in 2022. Earlier this year, Timesheet Mobile joined the Wagepoint family and will soon be available to customers for all of their time and attendance needs, rebranded as Time by Wagepoint. About Wagepoint Wagepoint is a small-but-mighty fintech company on a mission to simplify payroll – and maybe even dare to make it delightful! Our online software was created just for small businesses, automating the most "ugh" parts of payroll – like calculating wages and reporting on taxes – so that our customers can get back to doing, well, literally anything else. Backed by the world's friendliest team, Wagepoint is always supportive, never stuffy and refreshingly human. Founded in 2012, we make payroll magic happen for more than 20,000 small businesses, accountants and bookkeepers across North America.

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WORKFORCE MANAGEMENT,EMPLOYEE EXPERIENCE

WeWork Debuts WeWork Workplace; Software to Help Companies and Employees Navigate a New World of Work

WeWork | July 25, 2022

WeWork (NYSE: WE), a leading global flexible space provider, today announced the official debut of WeWork Workplace, a new space management solution built in partnership with Yardi, the leading provider of real estate software. WeWork Workplace provides companies with a universal platform that enables inventory management across office spaces, enhanced employee experiences and space optimization through insights and analytics. The proliferation of remote and hybrid work models – vastly accelerated as a result of the pandemic – has created new opportunities for both employers and employees to fundamentally rethink the office and how we engage with it. WeWork Workplace marries space, asset and people management capabilities, removing guesswork from designing a strategic work model by providing actionable data to inform decision making in real time. As a result, the software aims to help employers reduce real estate costs, while empowering employees to more purposefully engage with the spaces they choose and create more meaningful physical connections. WeWork Workplace is the only product in the market that can combine all space types (privately leased/owned, WeWork and WeWork shared/affiliate) within a single experience. Additionally, companies that may need overflow space will have the option to enable access to WeWork and WeWork affiliated locations for their employees globally. "Businesses today must solve for bringing flexible work models to life – optimizing their spaces without sacrificing the culture, collaboration and productivity that happens in-person. This is what we aim to deliver with WeWork Workplace, Combining our advantages in scale, speed and access to flexible spaces, with Yardi's industry-leading software and tech capabilities, WeWork Workplace doesn't stop at desk booking or at backend insights – it aims to solve for a dynamic, constantly evolving future of work." -Scott Morey, President of Technology & Innovation WeWork's. A One-Stop-Shop Solution WeWork Workplace combines the capabilities needed, in one place, to help build, manage and evolve any office space strategy. The software aims to help businesses: Enhance employee experience across an entire portfolio. Dynamic, collaboration focused features built in – interactive floor maps, team booking capabilities, overflow booking automation, visitor management, company announcements and calendar integration, make engagement with the office more intentional and impactful. Manage and optimize all spaces regardless of asset type or geographic location. Universal portfolio management – across all asset types – enables office space strategies centered on utilization. Create user groups, spatial zones and navigate capacity and overflow management. Future proof real estate strategies through actionable insights. Make decisions with confidence through access to stronger, more accurate data. Instantly look into daily and building level data, or view trends over time, such as booking to occupancy ratio, including the ability to sort by property type. Designed to offer a frictionless office experience for companies of all sizes, helping to maximize their spaces for collaboration and innovation, WeWork Workplace is uniquely positioned to enable companies and their people to continuously adapt to a flexible world of work. About WeWork- WeWork Inc. (NYSE: WE) was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we've become one of the leading global flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com. About Yardi- Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. With over 8000 employees, Yardi is working with our clients globally to drive significant innovation in the real estate industry.

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